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Financial Symmetry: Balancing Today with Retirement

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for over 20 years.
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Now displaying: September, 2019
Sep 23, 2019

Many of you are inching closer to retirement and the decisions you make now will have a big impact on your retirement lifestyle. It’s time to start thinking ahead and seriously consider your retirement strategy. Are you concentrating on the best ways to save to set up for the life you want in retirement?

This is why we have created a pre-retirement checklist with 8 key wealth builder areas for you to consider. Listen in now to discover what you need to think about now that you are rounding the final stretch in this race to retirement. 

Your pre-retirement checklist

  1. How will you spend your time in retirement? Explore what you might enjoy doing and give it some practice. Try to structure a calendar of your average week. How might you allocate your time? How will you challenge yourself? What new skills will you learn?
  2. How will your income change? What will it take for you to retire? How much will you need and where will that money come from? Most people have a combination of 6 sources of income to provide for their retirement which includes: social security, pensions, deferred compensation, withdrawing from savings, part-time work, and passive income.
  3. What will your retirement lifestyle be like? The more you spend the more income you’ll need and the less you spend the less income you’ll need. Think about how much you plan to spend and how will you spend it. 
  4. What is your current net worth? In retirement, your accounts will no longer grow and they may start to fall in value. Take an inventory of what accounts you have. Are they pre-tax or post-tax? Do you have an HSA? Brokerage accounts? Annuities? Where do you stand financially? Lay it all out on paper so that you can decide what you need to do next. 
  5. Tax diversification is as important as investment diversification in retirement. How tax-efficient are your savings? A 401K conversion is a great way to save in taxes. You should also consider what your tax bracket will be in retirement. 
  6. What is your investment strategy? How do your emotions play a role in investing? What is your risk capacity? What is your risk tolerance? You will need to understand when and how much you will need from your investments and have the appropriate asset allocation. Know what your expected returns will be. This will help you understand how long your portfolio will last you.
  7. Healthcare can be the deciding factor for how and when you retire. If you are planning to retire before the age of 65 you’ll want to factor in healthcare costs. How will you bridge the gap until Medicare kicks in? Will you take COBRA or use your state’s health insurance exchange? You should also consider whether you want to get long-term care insurance. 
  8. Do an annual review of your estate. Block off some time each year to check if your estate plan still reflects your wishes. 

Are you in your catch-up years?

Your 50’s are often referred to as the catch-up years when it comes to retirement planning. There are lots of opportunities to think about as you approach retirement. Successful retirees look at all of these considerations as they make decisions. The decisions you make now can have a major impact on your retirement lifestyle. Use this pre-retirement checklist to help you begin to plan your retirement strategy.

Outline of This Episode

  • [2:27] Are you on the final stretch to retirement?
  • [6:33] How will you spend your time in retirement?
  • [7:37] How much income will you need?
  • [11:35] What is your net worth?
  • [14:24] What is your investment strategy?
  • [20:11] What kind of insurance do you have?
  • [23:45] Do an estate review

Resources & People Mentioned

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Sep 9, 2019

Are you looking for money and/or time-saving tips now that the summer is over and the kids are back to school? Summer can always feel expensive with summer camps, vacations, and then back to school shopping. With fall approaching and the kids back in school, we put together a list of ways you can save time and money to make this year better than the rest.

Time-saving tips

  1. Look at how you spend your time at home and see what you can contract out. Can you hire someone to clean or cut the yard? The more you can hire out the more quality time you’ll have with your family.
  2. Back to school means back to fundraising. If you have a volunteer requirement at your kids’ school get the volunteer hours in early. You could also see if the grandparents would be willing to volunteer. It’s a great way for them to get involved in their grandkids' lives. You can also check if you can donate goods rather than time. 
  3. Online grocery shopping saves lots of time. Oftentimes online shopping will save you money as well since there is less impulse buying. Another bonus is your kids won’t be asking for sugary snacks. Have you tried online shopping?
  4. Try meal planning. Some people use traditional meal planning using pen and paper, but you can also utilize services like Clean Eats or Donavon's Dish. These services will save plenty of time while still managing to feed the family a healthy meal. Have you tried using a meal planning service or a subscription service?
  5. Get the kids to help. Kids can pitch in from a young age. They can help set the table, make a salad, sweep up or wash the dishes. You may get pushback at the beginning, but after making dinner chores a regular habit they will feel proud of their hard work. 
  6. Skip the carpool line. The morning and afternoon carpool line can suck up to an hour out of your day! You can utilize before or after school programs to help you get more out of your time at work. Another idea is to have local grandparents help pick the kids up after school. 
  7. Strategically work from home. You can skip additional time in the car by occasionally working from home. This may not work out for the whole day. But you could come home after lunch and work before having to go pick up the kids for their after school activities. 

Money-saving tips

  1. Think about the holidays now. Consider how much you want to spend and create a budget. Do you want to travel? Plan out the travel in advance so that you know what you are going to spend. You can use an Amazon Wishlist to help you plan the gift-giving. Make sure to start saving for the holidays now.
  2. Reassess your monthly expenses. Fall is a great time to think about your expenses. If you have any decrease in your monthly expenses you can think about increasing your savings. Up your 401K contributions or max out your Roth. It always helps to have an automatic draft to savings. Focus on putting more toward long-term goals rather than short-term. 

What do you do to save time and money at home? Have you started any new routines this school year? What is working for you? Let us know your money and time-saving tricks. Send us an email at aberger@financialsymmetry.com or csmith@financialsymmetry.com.

Outline of This Episode

  • [2:47] Look at how you spend your time at home
  • [4:08] Back to school means back to fundraising
  • [7:37] Meal planning
  • [11:38] Skip the carpool line
  • [13:02] Strategically work from home
  • [15:15] Think about the holidays now
  • [16:27] Reassess your monthly expenses

Connect with Allison Berger

Connect With Chad and Mike

DISCLAIMER:

This podcast is property of Financial Symmetry Inc. The hosts and guests of the show do not render or offer to render personalized investment or tax advice through this podcast. This production is for informational purposes only and does not constitute financial, tax, investment, or legal advice. Listeners should consult with appropriate advisors for advice specific to your situation.

 

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